Miami Condo News

Federal government officials announced Friday they are giving the city of Miami Gardens more than $6 million to help residents facing foreclosure.

“I’m falling behind… I’m falling into an abyss,” school teacher Maria Montalvo said of her situation, as her bank has already moved to foreclose on her North Miami home.

The property she paid $425,000 for three years ago is now worth $280,000.

Montalvo said that on a schoolteacher’s salary, she couldn’t keep up with the $2,500 monthly payments; she said she hopes Washington will save the day — but she’s not holding her breath.

“I sure would like some help,” Montalvo said. “I’ve been paying taxes for many, many years — I think it’s time for the government to help the average basic homeowner

Her realtor, Melanie Hyer, said regardless of what happens in Congress, she said there are measures Montalvo and the thousands across south Florida in trouble with their payments can do.

Hyer’s first tip for foreclosed owners was to buy time and take all steps to head off foreclosure, not giving up no matter how bleak it may look. She said owners should go to the courthouse speak with the judge and ask for an emergency motion to postpone the foreclosure sale; the judge will normally give a month or two extensions to the owner.

Hyer said foreclosed owners should immediately call their lenders, who are much more likely in an earlier stage to change the loan.

“They should say that they’re in trouble and they need help,” she said. Hyer said lenders want to make deals with homeowners to aid them in modifying their loans or help them sell their properties.

“If you’ve decide you must move, Hyer said, banks are more apt to take a loss and accept a short sale agreement at this time than before.”

“There will definitely be some hope for the average homeowner who has been in trouble up till now,” she said.

Because of lower prices, the latest numbers indicate that houses and condos across South Florida are selling much more than last year–a positive sign there are some buyers on the market.

Jerry Libbin, a Miami Beach City Commissioner, today kicked off a campaign to protect Florida’s condominium unit owners from unfair assessments levied on them when banks foreclose on other units in their buildings.

The residential real estate meltdown has forced thousands of condo unit holders to pay higher assessment fees so they can maintain their buildings. That’s because banks holding mortgages on distressed condo units aren’t paying their fair share of assessments.

“Banks are taking unfair advantage of condo owners who have done absolutely nothing wrong,” Commissioner Libbin said. “It’s disgraceful to shift this huge financial burden onto them. Florida residents should not be forced to subsidize predatory banks.”

Under current Florida law, banks and other mortgage holders only have to pay 1 percent of the normal condo assessments once they foreclose on a distressed property. Many banks don’t even pay this paltry sum in a timely manner. Condo associations often must sue lenders to recover their assessments and late fees.

The result is that condo unit owners in good standing are burdened with sky-high assessments to make up the shortfalls, which in turn leads to an increase in distressed units.

“We must stop this vicious cycle,” said Commissioner Libbin, noting that Miami Beach is in the epicenter of the problem. “Our economy is teetering on disaster because of greedy lenders.”

Commissioner Libbin has formed a coalition of condo unit owners and condo management companies to lobby the Florida Legislature for reforms. He will host a town hall meeting on the subject in the coming weeks.

There are 23,631 condos in Florida, with a total of 1.4 million units, according to the Florida Department of Business and Professional Regulation (FDBPR). In Miami-Dade County, there are 4,045 buildings with a total of 242,352 units, according to FDBPR.

“We expect to receive broad, bi-partisan support for these important consumer protection measures,” said Libbin.

The crown jewel of one of Miami Beach’s most luxurious condominium high-rises is now for sale. Top-producing Esslinger-Wooten-Maxwell (EWM) Realtors(R) Esther Percal and Kevin Tomlinson announced today their $22 million listing for Apogee Penthouse A.

They describe the South Beach residence as one of the most prestigious South Florida penthouses ever, in a building that epitomizes luxury. “It’s an amazing three-level corner home with unbelievable ocean, bay, and city views,” said Percal. “Apogee is considered one of the most sought-after addresses in one of the most fashionable and desirable neighborhoods in the world.”

The Apogee penthouse has 6,853 interior square feet with six bedrooms and 7.5 bathrooms. The South Beach luxury condo has more than 11,000 square feet of terrace space with a 360-degree rooftop palazzo, private pool, and summer kitchen. There are three levels of decorator-ready space, including a main living area with 22-foot ceilings enclosed by double-height floor-to-ceiling windows. Apogee PH-A also has an elevator, 2.5-car private air-conditioned garage, staff quarters, and other luxury amenities.

The building and the penthouse offer “smart lifestyle” technology, which is being marketed as the most advanced in South Florida. Opened in 2008, Apogee is said to be more luxurious than any other project in the developer’s (The Related Group) history. According to the company, this is their most expensive per-unit condo.

“I’ve had a chance to see the city’s best condos and penthouses in the years I’ve been selling Miami Beach real estate. The Apogee penthouse has no peers,” said Tomlinson. “This is truly one of the finest condominiums in the world. It’s very exclusive and private. The name means ‘pinnacle,’ and to me that means the highest point of modern luxury living.”

In the newly commissioned survey, “Seeking an Extraordinary Lifestyle,” 85% of respondents agreed with the statement, “I think real estate continues to be one of the better investments a person can make.” The study further revealed:

• 72% of respondents believe their primary home value has remained constant or increased in value over the last 12 months (46% remained constant; 26% increased).

• Nearly two-thirds of respondents report that current conditions have “no effect” on their likelihood to sell their primary home (63%).

• In the coming year, 79% believe the value of their primary home will continue to remain constant or increase (55% remain constant; 24% will increase).

• In the next year, more than half (54%) of the million-dollar homeowners plan to buy, sell, build or invest in a new home.

• 69% of million-dollar homeowners agree that now is a good time to add to one’s real estate holdings.

• 71% agree, “Over time, nothing beats real estate for building one’s personal wealth.”

The respondents feel that the media plays a role in the perception of the current real estate market conditions:
Half (50%) of respondents think the media exaggerates conditions to make the market seem worse than it is.

“This study confirms that even in a downturn economy, our readers are what we call ‘recession- proof’,” said Giulio Capua, vice president and publisher of Architectural Digest. “They continue to spend money on real estate and other luxury goods and services.”

According to Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, the study proves that real estate continues to be seen as a valuable investment opportunity, especially among consumers in the luxury market.

“This study validates the assertion that real estate is one of the best long-term investments a person can make, regardless of current market conditions. Affluent consumers know that real estate plays a key role in their long-term strategy to increase personal wealth,” said Good. “And among those consumers seeking to add to their real estate portfolio, the top criteria for choosing a property are location, price, amenities and home features.”

“The Aspen market is seeing steady home sales that compare to our market in 2004/2005. These were record setting sales years and at the time everyone considered the market to be hot. There are still a number of buyers looking for real estate and although asking prices have declined, prices paid have been comparable to the last year.” said Mike Russo, president of Aspen Sotheby’s International Realty. “The strength of the Sotheby’s International Realty network and its global recognition has helped us reach clients all over the world. In addition, the brand’s marketing support combined with our local statistical data has enabled us to showcase to our clients why real estate truly is a sound and valuable investment in their financial portfolios.”

Research Methodology
Beta Research Corporation conducted a geo-specific mail survey to 3,500 Architectural Digest subscribers with a household income of $100,000+ and a home valued at $1,000,000+ on behalf of Condé Nast Publications in the following designated market areas: New York, Los Angeles, Chicago, San Francisco/Oakland/San Jose, Boston, Atlanta, Miami/Ft. Lauderdale, San Diego, Denver and Detroit. The survey was conducted between February 19 and March 14, 2008. There were 510 respondents.

About Sotheby’s International Realty Affiliates LLC
The Sotheby’s International Realty network currently has more than 9,500 sales associates located in more than 485 offices in the United States and 32 other countries and territories.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.

Florida Real Estate

This week’s cover story profile of Mount Sinai Medical Center by John Dorschner is a reminder of how important real estate is to all of South Florida. The venerable institution has been hampered by a land purchase it made at the dawn of this decade.

While relief from that injury may come soon for Mount Sinai, the overall South Florida real estate market, especially residential, has no quick remedies.

This morning the Florida Association of Realtors will release July home sales and price data. The experts will either declare the industry’s recession is almost over — or we’ll get the sinking feeling that the muck and mire of soft numbers will continue.

One such expert already has the answer, and it provides no solace.

In his online forum, Mark Zandi, the chief economist at Moody’s Economy.com, prescribes no breath-holding for the light at the end of the tunnel. Commenting in the forum, Hugh from Pembroke Pines asks Zandi about the burdensome effects of taxes and insurance on home affordability and the answer cuts to the core of what’s ailing the market.

“It is the key reason why the Florida housing market will be one of the last to recover from the current downturn,” Zandi writes.

Is the solution to add more price controls to insurance companies? De-electing gridlocked legislators? Harpooning greedy speculators or criminal mortgage brokers? No, Zandi says. Look to the skies.

“It is not only the very high insurance and tax bills, but it is also the uncertainty with regard to how high they will be in the future. We are certainly reminded of this now as storms traverse the Atlantic and move up the peninsula.”

Yep, our fate is in Mother Nature’s hands. Fewer Fays, less worrisome Wilmas and the real estate market will prosper. So, God help us.

The catch in investing your money well in Miami real estate is easy you just need to be wise on picking where to have your investments set in. I think that with some little configuration and some added value on your handpicked location you can be good. But digging deep you need more than just that. Miami real estate is a broad topic to begin with and if you talk about options you will find yourself confused because of the number of potential investment you can do in the place. There are really large scales of investment that you can pick on with Miami real estate. But let me tell you that the best asset that Miami real estate can always boasts is its location. For most investors, location is gold and with that being said, it can be hard to find a good location that can still be available.

With a lot of investors investing in Miami, you may find yourself stuck on looking for that one location that you can consider as an asset. But I think with all that being a relatively important issue, I think that it can be wise to accept that you can have difficulties on locating your perfect location for investment. I think that right now the people who knew the market very well can always testify that it can be a rough scene sometimes especially if you have some rivals for a certain location, it can be hard to get what you want but of course it is a part of the market’s scene. Miami real estate is still on of the most celebrated real estate location in Florida and arguably in the nation. There are even past numbers to prove it.

Right now we can accept that every state in America is having the same economic crisis and it is something that people have looked into. Miami real estate investing is a good thing to start your investment with because you can always blossom in its market. Furthermore thinking that there are options in the same area can also be a good idea, especially if that idea can be feasible to an extent. The basic law in real estate investment is options can always give you some results. There are a lot of things that you can eventually call investment and with a lot of knowledge and know how, you can be on the right track.

I think that it is safe to say that Miami real estate can be one of the best things to have your money see progress. Investing in Miami real estate seems to be a good idea, it can be a big move for you but of course I am not pushing you to do it. I just want to say you can have it as an option, it can make you investment worth it and if you do well, it can be the best move you will make. Let us be vigilant on having research on its market so that we can also be aware on where it stands. Miami real estate is not something to laugh at. It is a market that can be a good option for you.